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    Deutsche Bank Is The Latest Target, But Not The Last, In The Jeffrey Epstein Sex Trafficking Scandals

    May 19, 2023
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    The bleed of the late financier Jeffrey Epstein’d sex trafficking scandals continues to bleed. 

    Deutsche Bank AG agreed to pay $75 million to settle a lawsuit by women claiming they were abused after accusing the German bank of facilitating Epstein’s sex trafficking ring 

    The settlement reverts to the proposed class action in Manhattan federal court.

    The initial action originated with Deutsche Bank having been accused of missing red flags in Epstein's accounts that his accounts paid out to those who were trafficked and facilitating the enablers and those accounts enabling this costs of sexual trafficking Epstein’s ring. 

    Epstein pleaded guilty in 2008 to a Florida prostitution charge and registered as a Tier-3 sex offender, the highest risk required of registration after forensic profilers are engaged to evaluate a convicted sex offender. 

    Nevertheless, major international banks moved Epstein’s monies to victims and enablers across the globe even after he was required to a Tier #3, which means Epstein was evaluated to repeat his sex offenders of minors. 

    Epstein was a client of Deutsche Bank from 2013 to 2018.

    Epstein died in August 2019 in jail while awaiting trial for sex trafficking. Epstein was deemed to have died from a suicide.

    Deutsche Bank's settlement requires approval by U.S. District Judge Jed Rakoff, who on Thursday scheduled a June 1 preliminary hearing to consider its terms.

    Two similar lawsuits against JPMorgan Chase & Co, where Epstein was also a client from 1998 to 2013, remain unresolved.

    Deutsche Bank Spokesperson Dylan Riddle said Deutsche Bank has invested more than four billion euros to bolster its controls, processes and training, and hired more people to fight financial crime.

    New York lawyer David Boies, one of Epstein’s accusers' lawyers, stated that Epstein's abuses required "the collaboration and support of many powerful individuals and institutions. We appreciate Deutsche Bank's willingness to take responsibility for its role."

    Boies Schiller Flexner and Edwards Potting have also represented Epstein's accusers in the past.

    The settlement came months before a set trial date in September 2023. 

    Deutsche Bank has not admitted any wrongdoing.

    Two outstanding cases are those against JPMorgan by Epstein's accusers and by the U.S. Virgin Islands, where the Epstein owned two islands, where victims were allegedly trafficked for sex.

    JPMorgan spokeswoman Patricia Wexler on Thursday noted that JPMorgan regretted its association with Epstein and said it did not believe it violated any laws.

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    JPMorgan is separately suing Jes Staley, a former private banking chief , who later headed up Barclays in London,. Staley had visited Epstein in Palm Beach where Epstein was initially incarcerated, although on an “in and out daily arrangement” sweetheart deal from the. Palm Beach jail at the time 15 years ago. 

    There are many luminaires’ names not lost on the horizon. 

    JPMorgan's trials are scheduled for Oct. 23. Tesla Inc CEO Elon Musk is among those who have been subpoenaed.

    In 2020, New York state's financial regulator fined Deutsche Bank $150 million over its work with Epstein.

    Last September, Deutsche Bank agreed to pay $26.25 million to settle a U.S. shareholder lawsuit over its relationships with dubious wealthy clients like Epstein.

    The case is Jane Doe 1 v Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No. 22-10018.

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    Christine Dolan

    Christine Dolan is a seasoned Investigative Journalist, television producer, author, and photographer. She is Co-Founder of American Conversations whose format focuses on in-depth analysis of critical issues about “the story behind the headlines.”
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